Gold prices rose as bulls stabilized the market.
2025-11-03 23:44:14
On Monday (November 3), during the US trading session, gold and silver prices rose slightly in early trading, with bulls stabilizing prices, which is beneficial to both precious metals markets. The precious metals trading market is awaiting new fundamental catalysts to trigger trending price movements. December gold futures (generally ten dollars higher than spot gold) were trading at $4016.60, up $19.80; December silver futures were trading at $48.42, up $0.27.
Global stock markets mostly rose overnight. U.S. stock indices are expected to rise when New York trading opens.
Overnight news indicates that China has cancelled a long-standing tax breaks for gold. Retailers will no longer be able to deduct value-added tax (VAT) when selling gold. The policy covered both investment products such as high-purity gold bars and ingots, as well as non-investment uses such as jewelry and industrial gold. This move is expected to increase government revenue but may also raise the cost of gold for Chinese consumers.
The United States is expected to suspend port fees for Chinese vessels for one year starting next week. This comes as the two countries gradually ease maritime competition, a previously contentious area in their trade war. In a statement, the White House said the U.S. will suspend measures aimed at curbing China's dominance in the shipping industry starting November 10. Meanwhile, the Chinese government has announced it will suspend its previous countermeasures.
During this year-long pause, the United States will negotiate with China regarding the findings of its investigation into China's leading position in the shipping industry. In addition, the U.S. will seek shipbuilding cooperation opportunities with South Korea and Japan—two countries often seen as counterbalances to China's shipbuilding industry.
The Organization of the Petroleum Exporting Countries (OPEC+) will pause its collective production increase in the first quarter of 2026 after a slight increase next month. The organization is attempting to balance its goal of gaining market share with signs of a crude oil oversupply.
The suspension of production increases in the first quarter of 2026 reflects OPEC+'s expectation of a seasonal slowdown in demand, coinciding with a period of uncertainty for oil traders facing Russian sanctions and potential oversupply. Given the uncertainty surrounding the supply outlook in the first quarter, the decision to suspend production increases is seen as a prudent move. This marks the first time OPEC+ has halted increases in crude oil production since resuming previously suspended supply in April 2024.
Key external market data today showed that the US dollar index rose slightly; crude oil prices weakened, trading around $60.75 per barrel; and the benchmark 10-year US Treasury yield is currently at 4.09%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
December gold futures: The bulls' next upside price target is to push the contract close above the strong resistance level of $4,100.00. The bears' near-term downside price target is to push the futures price below the strong technical support level of $3,800.00. The first resistance level is seen at the overnight high of $4,038.70, followed by Friday's high of $4,059.90; the first support level is seen at $4,000.00, followed by $3,950.00.
December silver futures: The bulls' next upside price target is to push the contract close above the strong resistance level of $50.00. The bears' near-term downside price target is to push the futures price below the strong support level of $45.00. The first resistance level is seen at $49.00, followed by $49.225; the first support level is seen at $48.00, followed by $47.50.
Note: The gold market operates primarily through two pricing mechanisms. The first is the spot market, where prices are quoted for immediate purchase and delivery; the second is the futures market, which determines the price for delivery on a future date. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is currently the December delivery contract.
Global stock markets mostly rose overnight. U.S. stock indices are expected to rise when New York trading opens.
Overnight news indicates that China has cancelled a long-standing tax breaks for gold. Retailers will no longer be able to deduct value-added tax (VAT) when selling gold. The policy covered both investment products such as high-purity gold bars and ingots, as well as non-investment uses such as jewelry and industrial gold. This move is expected to increase government revenue but may also raise the cost of gold for Chinese consumers.
The United States is expected to suspend port fees for Chinese vessels for one year starting next week. This comes as the two countries gradually ease maritime competition, a previously contentious area in their trade war. In a statement, the White House said the U.S. will suspend measures aimed at curbing China's dominance in the shipping industry starting November 10. Meanwhile, the Chinese government has announced it will suspend its previous countermeasures.
During this year-long pause, the United States will negotiate with China regarding the findings of its investigation into China's leading position in the shipping industry. In addition, the U.S. will seek shipbuilding cooperation opportunities with South Korea and Japan—two countries often seen as counterbalances to China's shipbuilding industry.
The Organization of the Petroleum Exporting Countries (OPEC+) will pause its collective production increase in the first quarter of 2026 after a slight increase next month. The organization is attempting to balance its goal of gaining market share with signs of a crude oil oversupply.
The suspension of production increases in the first quarter of 2026 reflects OPEC+'s expectation of a seasonal slowdown in demand, coinciding with a period of uncertainty for oil traders facing Russian sanctions and potential oversupply. Given the uncertainty surrounding the supply outlook in the first quarter, the decision to suspend production increases is seen as a prudent move. This marks the first time OPEC+ has halted increases in crude oil production since resuming previously suspended supply in April 2024.
Key external market data today showed that the US dollar index rose slightly; crude oil prices weakened, trading around $60.75 per barrel; and the benchmark 10-year US Treasury yield is currently at 4.09%.
Technical Analysis
(COMEX Gold Daily Chart Source: FX678)
December gold futures: The bulls' next upside price target is to push the contract close above the strong resistance level of $4,100.00. The bears' near-term downside price target is to push the futures price below the strong technical support level of $3,800.00. The first resistance level is seen at the overnight high of $4,038.70, followed by Friday's high of $4,059.90; the first support level is seen at $4,000.00, followed by $3,950.00.
December silver futures: The bulls' next upside price target is to push the contract close above the strong resistance level of $50.00. The bears' near-term downside price target is to push the futures price below the strong support level of $45.00. The first resistance level is seen at $49.00, followed by $49.225; the first support level is seen at $48.00, followed by $47.50.
Note: The gold market operates primarily through two pricing mechanisms. The first is the spot market, where prices are quoted for immediate purchase and delivery; the second is the futures market, which determines the price for delivery on a future date. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is currently the December delivery contract.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
